Kukla's Korner Hockey

A proposal to remodel KeyArena now has an ambitious timeline that could have it ready to house a professional franchise within three years.

The timeline was laid out in a proposed memorandum of understanding between Seattle and Oak View Group. The MOU will be presented to the Seattle City Council on Tuesday but the final version of the agreement won't be voted on until the first week of December at the earliest.

Still, the draft agreement is a significant step in the process of redeveloping the city-owned building through a privately financed project that officials believe will finally lure the NHL or NBA — or both — to Seattle. KeyArena housed the NBA's SuperSonics until they relocated to Oklahoma City and became the Thunder. Oak View Group believes it can have the building ready by October 2020 if environmental approvals are obtained and demolition can start in October 2018.

"I think the most important part of this MOU is the fact it states very clearly to the leagues that this project is going to happen, we do have a deal with the city, they can make a deal. They are very focused ultimately not only on building a new arena here and giving us the partnership and certainty in order to do that," OVG CEO Tim Leiweke said.